6 Best Credit Cards for Balance Transfers in 2018

Are you struggling to quickly pay off your debt? If so, you’re paying mostly interest on your debt instead of the principal; but you can overcome this by transferring your debt to another credit card at a lower interest rate. There are many factors to consider when transferring a debt to a new creditor; so, we are going to share some of the best credit cards for balance transfers.

Why Do You Need a Credit Card for Balance Transfers?

Before I share which cards are the best, it’s important to understand how a balance transfer works, the benefits it provides and what to be aware of when transferring debt. According to Discover, your credit must be approved before your new creditor can pay your debt. Also, a balance transfer allows you to consolidate your debt on one card with little to no interest. A balance transfer is a good solution for paying off your debt quickly, ideally before your 0% introductory APR ends.

What are the Best Credit Cards for Balance Transfers in 2018?

The best credit cards for balance transfers were chosen based on intro and standard APR offers, rewards, and the number of fees. So here are six of the best credit cards for balance transfers for 2018.

6. Capital One Quicksilver Cash Rewards Credit Card

This card is meant for frequent travelers who want to pay off their debt in a short amount of time.

How to Qualify and Card Benefits

If you fill out an application, Capital One will check your credit score which will determine your eligibility and APR. Once you get the card, you’ll receive a 0% APR for 15 months, and then you’ll have an APR of 14.49%-24.49% depending on your credit score.

This card also comes with many travel benefits such as auto rental insurance, and there are no foreign transaction fees when shopping outside of the U.S. Meanwhile, you can earn 1.5% for every purchase, and your rewards won’t expire as long as your account is active. More importantly, you’ll receive a replacement if your card is lost or stolen.

How to Use It and Drawbacks

A drawback to this card is the $35 late fee regarding payments. Overall, take advantage of the intro APR to quickly eliminate your debt, and responsibly take advantage of the travel benefits.

5. Blue Cash Everyday

The Blue Cash Everyday card is among the best credit cards for balance transfers; because it’s meant for people who need a long intro APR and want to earn rewards at the same time, according to Bankrate.

How to Qualify & Card Benefits

Visit the American Express website and fill out an application, and they will determine if you are eligible. If you’re approved for this card, you’ll get an intro APR for 15 months, and once that is over you’ll have an APR of 14.95% -25.49% depending on your credit score. Also, you can earn 3% cash for spending $6,000 dollars on groceries and 2% back from buying gas.

How to Use It and Drawbacks

A downside to this card, and most rewards cards, is that you’re required to spend more than you’re being rewarded for. So don’t get out of hand with your spending just to earn rewards. Also, this card has several transaction and penalty fees you should be aware of.

4. Chase Slate

This card ranks fourth because of its low balance transfer fee and forgiving nature when it comes to late payments. According to Bankrate, this is a good card for someone who’s struggling to make payments on time.

How to Qualify and Card Benefits

When you apply, you’ll begin with a 0% APR for 15 months within the first 60 days of opening an account. After that, you’ll have an APR of 16.49%-25.24%. Also, Chase won’t raise your APR if you pay your bill late, but be aware of other fees and penalties.

As a Chase cardholder, you can check your FICO score free of charge, and you’ll have access to educational content regarding your credit score. Lastly, you don’t have to pay an annual membership fee to continue receiving the benefits this card offers.

How to Use It and Drawbacks

Although this card won’t raise your APR for late payments, you should still try to pay on time because you’ll be subject to late fees.

3. Citi Double Cash Card

The Citi Double Cash Card is good for those who want a longer 0% APR intro period and a decent rewards card.

How to Apply and Card Benefits

When you’re approved for the card, you’ll have a 0% percent APR for 18 months, and then you’ll have a regular APR of 14.99%- 24.99% depending on your credit score. Also, Citi gives you one late fee pass which excuses your first late payment. Your card is also protected against fraud and theft; and you can apply for purchase protection, so you won’t be liable for unauthorized purchases.

How to Use It and Drawbacks

Take advantage of the 18 month APR intro period, and use your late fee pass wisely. Overall, there aren’t any drawbacks to this card, but the previous advice about rewards cards apply here too.

2. Bank Americard

The Americard is among the best credit cards for balance transfers; it ranks second because it’s the best credit card for balance transfer with no fee. For example, you can transfer your debt for free and have a 0% intro APR within the first 60 days of opening an account. Moreover, your APR won’t be raised for late payments.

How to Apply and Card Benefits

Visit Bank of America’s website to apply for this card; if you’re approved, you’ll have a standard APR of 14.49%-24.49% after your 0% APR intro period. Also, the standard transfer balance fee is 3% of each transaction. The Americard has great security features that protect you while shopping online and protect you from fraud.

How to Use It and Drawbacks

You should take advantage of the 0% APR and the balance transfer fee. There aren’t any drawbacks to having this card, but carefully review the terms and conditions before getting this or any other credit card.

1. Citi Simplicity Card

The Citi Simplicity Card is the best credit card for balance transfers; it’s number one because of its intro APR period which lasts18 months. Overall, this is a great card for people who are solely focused on getting out of debt and don’t care about earning rewards.

How to Apply and Card Benefits

Sign up for this card if you want a card that has no late fees, a penalty rate or annual fees. After your intro APR is over, you will pay a standard APR of 15.49%- 25.49%. As a cardholder, you’re also protected against identity theft and unauthorized charges.

How to Use It and Drawbacks

Although this card doesn’t have certain fees, you should still be aware of other fees and penalties in the terms and conditions. For example, once your intro APR is over, you’ll have to pay at least 50 cents in interest on your purchases if you don’t pay your entire balance.

Bottom Line

These cards were chosen based on the number of fees, APR offers and rewards. The Citi Simplicity Card ranks number one on the list because of its lengthy intro APR, and because it doesn’t encourage you to spend more by offering rewards.

When searching for the best credit card for balance transfer, it’s important to choose a card with a good intro and standard APR; and it’s important to pay your entire balance within the 0% APR time frame. Also, carefully review the terms and conditions before applying for a credit card, and avoid making other purchases while getting out of debt.

If you found this article helpful, feel free to share your thoughts or questions in the comment section. Also, feel free to share the best credit cards for balance transfers that you’ve had experience with.